May 16, 2025 - 08:18
Planning for the future is essential — especially when it comes to choosing a financial power of attorney. But what if you don't have close family, children, or friends who can take on that role? This is the question a 68-year-old listener named Melissa posed on a recent podcast episode.
Melissa has done an impressive job saving for retirement, amassing $900,000 in a Roth IRA and $500,000 in a traditional IRA. However, she is concerned about who can legally manage her finances if she becomes unable to do so herself.
In response, financial expert Suze Orman emphasized the importance of finding someone trustworthy and competent to take on this critical responsibility. She suggested considering professionals, such as an attorney or a financial advisor, who can serve in this capacity. Alternatively, Melissa might also look into community resources or organizations that provide fiduciary services.
Ultimately, the key is to ensure that her financial interests are protected, regardless of her personal circumstances.
